To be used for any question related to tax deductions.

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If I move from one state to another for graduate school, then should I fill out my moving expenses on next year's IRS form?

Here is the IRS form. And if I fill out my moving expenses, then what counts as moving expenses, and what doesn't count? Does buying boxes for moving count as a moving expense? Also, should I keep ...
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2answers
1k views

When can I deduct commuting expenses?

I'm reading through Form 2106 and I can't figure out if I can deduct: Bus fare that I use to get to/from work Mileage etc. driving to/from work When can you deduct these things?
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1answer
167 views

Where do tax deductions “deduct” from?

My understanding is that tax deductions "deduct" from the Adjusted Gross Income value. Is that right? As a very simple example, let's say I have an AGI of $10 and I owe $3 in taxes (before any ...
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3answers
7k views

cost basis of donated clothing?

(similar but NOT identical to How can I calculate the value of donated clothing for tax purposes? ) My wife donated several boxes full of old clothing to Goodwill, and calculated the total thrift ...
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1answer
119 views

Self paid Insurance Premiums and taxes

Currently my employer proivdes a Health Insurance Allowance (which I understand is really just added compensation), but I am wondering if it is possible to somehow shield that money similar to a ...
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1answer
62 views

Tax assessment paid last year

Last year I had to pay a income tax assessment for a W2 I forgot to report from 2009. Can't I report that on my taxes this season? Where would I put this in H&R Tax at Home (Taxcut)?
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1answer
346 views

Moving expenses: dog kennel

I had to kennel my dogs while moving. Is this deductible as a moving expense (temporary storage of household items)?
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1answer
41 views

How do I deduct payments to others out of a single payment to the group for contract work?

Another person and myself did contract work. The company sent the entire payment for the work to me and I paid the other person out of that money. How do I report this on my taxes? I received the ...
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1answer
677 views

Can BC university tuition tax credits only be applied to income earned in BC?

I completed my undergrad in BC, and I have since moved to Ontario. I have collected tuition tax credits in both provinces, so regardless of where I end up working, I will have tax credits from a ...
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2answers
90 views

Can I deduct equipment expenses for a job I began overseas?

This year I began teaching English in Japan, but I had several hundred dollars worth of preparatory expenses, including a new computer. Are these eligible for equipment tax deductions?
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2answers
82 views

How do I claim US Tax Credits for Energy Efficiency?

We bought a house last year and after the building was done my wife forced me to buy the blinds through the builder, claiming I wasn't going to buy any and put the up myself which I told her I would. ...
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3answers
341 views

Can I receive a tax deduction from working from home in a 2 bedroom apartment, one bedroom is used EXCLUSIVELY for work?

My company's base office is in another city so I work from home in a two bedroom apartment. The second bedroom is used as my office and office/work storage. Can I write off this space and any portion ...
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1answer
94 views

Are adoption expenses for an international adoption considered tax-deductible from income?

I am in the process of an international adoption. I do not qualify for the federal adoption credit because of my families income. However I am having a difficult time discovering whether or not I ...
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4answers
23k views

Do property taxes get deducted 100% from the Annual Tax Return or only a fraction of them?

Hi Personal Finance and Money, My question comes from hearing people say that you should buy a house rather than rent because you can deduct all of your property taxes on you tax return. Question ...
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2answers
148 views

In the U.S., are major dental procedures considered tax-deductible?

If someone is going to undergo a major dental/medical procedure ($40k+), is there any way to deduct the money paid for the procedure, or at least part of it?
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3answers
3k views

Buying a more expensive house as a tax shelter (larger interest deduction)?

I've heard that some people buy a more expensive house as a tax shelter. In my simple mind I imaging the scenario: Pay 10,000 annual interest on the mortgage 50,000 annual income = 40,000 ...
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2answers
1k views

Benefits of a non-resident alien contributing to FICA

Being an international student on F1 visa, I am a non-resident alien who cannot claim unemployment or SS benefits. Currently I am working on an internship and my employer was not aware that FICA is ...
3
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1answer
300 views

Can I claim mileage for traveling to a contract position?

I am employed by a tech. contracting company(A) and travel to another business(B), where I work as a contractor (employed by A). I commute everyday to B. Can I claim my travel to B as an expense?
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4answers
16k views

Deductible expenses paid with credit card: In which tax year would they fall?

If I paid my business expenses with a credit card during the month of December, which year can I deduct them from my taxes? 2011 (when the purchase was made) or 2012 (when I paid off the credit card)? ...
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2answers
552 views

Is it possible to deduct health insurance premiums from taxes?

I currently have health insurance provided by my employer. My monthly premiums are deducted pre-tax from my salary. I'm considering canceling this health coverage in favor of an individual health ...
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2answers
465 views

Can I claim property tax & interest deduction if I pay the mortgage on my mother-in-law's house?

I currently pay mortgage (taxes, interest) on my mother-in-law's house. The house is under her name but we live in it. Can I use the interest and taxes as deductions?
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3answers
111 views

Tax Benefits for 529 Plan and Treasury Savings Bonds?

So here is my question (for tax year 2011): If I open and fund 529 College Savings Plan, do I get federal and state (Utah) tax deduction for my contributions? If I get a Treasury Savings Bond ...
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1answer
175 views

Employer no longer withholds, how do I self administer 401k

My employer stopped withholding during some restructuring of the business entity, I already maxed out my 5k IRA contribution, I realize I can tax defer another 15k or so in a 401k... how do I simply ...
2
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1answer
259 views

Tax liability for a non-resident alien (student) working on-campus in the U.S

I get paid as a research assistant by helping my guide write papers and for assisting them in classes and correcting homework. Never got around to thinking about tax but recently, when I noticed that ...
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3answers
200 views

Which payment plan is better to pay for tuition?

My kids go to a private school that's attached to a religious congregation. As far as paying tuition, they offered me a choice between these 2 deals: $1296 per month (for 12 months). $1156 per ...
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2answers
630 views

How to calculate interest tax deduction for a mortgage?

I am trying to ascertain the effect of the mortgage tax deduction on my bottom line. The various calculators I found are confusing to me. Specifically, I want to know how much less I'll pay in ...
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2answers
805 views

Calculating savings from mortgage interest deduction vs. standard deduction?

I've read just about anything I can find on comparing cash-flow between owning a house versus renting. One new thing popped into my head yesterday, and I can't shake the feeling that it's an obvious ...
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1answer
178 views

Can I deduct a contribution to an IRA if I also contribute to a 401(k) in the same tax year?

Can I deduct a contribution to a traditional IRA if I am also contributing to a 401(k) in the same tax year?
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2answers
204 views

Is there any tax-deductible way to help fund my siblings' education?

My brother is in college and my sister is attending a private high school. I would like to help my parents pay for their education. Is there any way to do this that would be tax-deductible?
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2answers
152 views

Should I think of investing in infrastructure bonds right now?

I am a newbie as far as investment decisions are concerned. I will put a more detailed question later. Right now, I need to declare my investments for this financial year in advance. I will certainly ...
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4answers
210 views

What are the IRAs tax deduction limits when contributing to both Traditional and Roth IRAs?

If I fall into the phase-out range for a tax deduction on a Traditional IRA can I contribute to said account up to my tax deduction limits for said accounts then contribute the rest of my $ to a Roth ...
6
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3answers
4k views

How can I calculate the value of donated clothing for tax purposes?

I have many clothing items that I plan on donating to a local charitable/religious organization. I want to include the value of these items as a charitable deduction on my income tax, but I don't know ...
5
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1answer
115 views

what is the best way to do a freelancing job over the summer for a student

I am a full time student, studying in the UK with UK address. I would like to do a one time job for a company based in the USA. It will last about one month, and is mostly about creating a video ...
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8answers
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How does giving to charity work?

The title of this question is hopelessly vague, but here is what I'd like to know: I've always heard that even if you don't have much money, you should give to charity. It is tax-deductible. I'm ...
4
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1answer
77 views

What things do I need to consider if I want to gift units of a fund or stock to some one who is not related?

Instead of the traditional cash gift, I want to give my gift in terms of something that could increase in value over the long term. Before doing that I wanted to ask the below questions: Do I have ...
3
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1answer
367 views

What is the difference between adjustment, subtraction, deduction, exemption in tax forms?

In US federal tax 1040 form, there is "adjustment" on the bottom of the first page at line 36, "itemized deduction" at line 40 on the second page, and "exemptions" at line 42 on the second page. ...
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2answers
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Are donations to public schools tax deductible like a 501(c)(3) organization?

In the United States, are donations to public schools like a local elementary school deductible in the same way that donations to a 501(c)(3) charity or a church are deductible?
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1answer
269 views

Deducting medical expenses paid for someone other than yourself or spouse

Can I deduct medical expenses that I paid for my girlfriend's medical bills? She has about $1000 a month of medical bills (prescriptions etc) and is in between insurance. I've been covering it for the ...
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3answers
922 views

Moving from full time to contractor

For many reasons I am moving from full time employee to a contractor with an associated company in a different city. Everyone I have spoken to says contracting is great except for the taxes and lack ...
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1answer
453 views

Are student loans tax deductible in US?

If I have a student loan from finishing my graduate degree, can I deduct its interest payments from salary for tax purposes? Is there any education related tax credit that can be applied for payments ...
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3answers
1k views

Can used books bought off Amazon be claimed as a tax deduction in Australia?

I recently bought some used books on Amazon. The books are directly related to what I do for a living. In Australia, I know that if you have the receipt for books like that, you could claim it as a ...
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3answers
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What portion of my rowing club membership fee is tax-deductible?

I am part of a rowing club in the US and pay a membership fee. The rowing club is a 501(c)(3) non-profit, open to the public, and offers learn-to-row classes. The benefits that I receive for my ...
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1answer
700 views

In Canada, can tuition paid by an RESP withdrawal be claimed on the income tax return?

Can tuition fees be claimed on the tax return if the money was withdrawn from an RESP we've been contributing to?
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1answer
1k views

In India, does a company compulsorily have to file income tax on my behalf?

I work in an IT company in India. I get my monthly salary after monthly tax deduction as per TDS law. The tax filing deadline as per Indian government is 31st July, but my company has a deadline for ...
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1answer
61 views

Filing for Education Expenses for Dependent

My brother is my dependent and he lives with me! He goes to university and pay international tuition fees. Since, he has to pay international tuition our whole family contributes small amounts to make ...
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2answers
192 views

Mortgage interest income tax deduction during year with a principal residence change

In 2010 my residency changed from the home I own to a home I'm renting, but I owned the mortgaged home all year. Is the deductable amount of mortgage interest paid pro-rated based on the date I ...
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4answers
5k views

Can I claim a tax deduction for working from home as an employee? I work there 90% of the time

I'm working for a company as a computer programmer, but 90% of my work is done at my apartment. Let's say I have an exclusive space for the work in my apartment, can I claim tax deduction for the ...
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3answers
994 views

What's the best secure tax deductible investment?

I will receive a lump sum amount as a voluntary departure pkg. I live in Ontario, Canada and want to know what I should invest this amount in (GIC/Mutual Fund) that will get a high return and be tax ...
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1answer
82 views

How do I take a loss on an IRA I converted to a Roth IRA?

Can I take a loss on conversion? If so, how do I do so (i.e. what U.S. tax form do I use)?
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2answers
352 views

Can you write off time like you can money?

I've spent considerable time in the last year building a portfolio for my business. This time was donated to clients, for my benefit, and theirs. There is a large opportunity cost lost. I could ...